Canadian-based mining company Bitfarms established its 10th facility in Argentina.
The Bitcoin mining company increased its processing power to 4.1 EH/s after starting production in Argentina. Bitfarms added 10 MW of power capacity to its portfolio with its new facility.
Bitfarms Continues to Expand Its Facilities
According to a press release on Monday, it plans to bring 50 MW of power online once its Bitcoin mining facility in Argentina also goes into production. Bitcoin mining company Bitfarms stated that they expect the construction of the second facility, planned to be built in Argentina, to be completed by mid-2023.
Geoff Murphy, who serves as the chairman and manager of Bitfarms, stated that they reversed this situation with the agreements they made despite the increasing electricity costs, and stated that he expected the portfolio cost to decrease under the contract.
After the Bitcoin mining facility established in Argentina, Bitfarms stated that the spread of mining to different countries is beneficial in terms of climate and geography. Adding Argentina to its facilities operating in the USA, Canada and Paraguay, Bitfarms stated that this expansion will continue.
Bitfarms also underlined that the cost of energy in the 50 MW Bitcoin mine launched in Argentina will be the lowest cost facility among the 10 facilities in its portfolio.
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